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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsFormer Enron CEO Jeffrey Skilling released from prison after 14 years served
Former Enron CEO Jeffrey Skilling has been released from prison and now resides at a halfway house, Houston's Chron reported on Thursday.
The 64-year-old Skilling drew a 24-year prison sentence and $45 million fine in 2006 after being found guilty of 18 counts of fraud and conspiracy and one count of insider trading. His sentence was cut from 24 years to 14 years five years ago.
Skilling was convicted of deceiving investors, employees and government regulators in an accounting scandal that revealed Enron to be little more than a house of cards.
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Enron became one of the world's dominant energy companies before going bankrupt in 2001. Its collapse at the time was the largest U.S. bankruptcy and caused the dissolution of Arthur Andersen, one of the country's largest accounting firms.
Enron founder and chairman Kennth Lay was convicted along with Skilling, but he died of a heart attack six weeks later, while former Enron Chief Financial Officer Andy Fastow was released after about five years in prison.
https://www.cbsnews.com/news/former-enron-ceo-jeffrey-skilling-released-from-prison/
Honeycombe8
(37,648 posts)He ruined lives. Enron employees lost their retirement accounts, and some committed suicide. But he made sure he sold his stock before the employees found out.
empedocles
(15,751 posts)Demovictory9
(32,498 posts)Honeycombe8
(37,648 posts)He had been a slim, handsome man.
But that's not punishment. Prison is punishment. He should have served the entire 24 years. His fraud caused the suicide of people who worked at Enron, when they lost everything. He intentionally sold his stock before they let the news break about the collapse of Enron. The employees had been paid in bonuses and such with Enron stock, all of which disappeared after the news broke.
MontanaMama
(23,368 posts)in the MF45 administration.
TeamPooka
(24,304 posts)Demovictory9
(32,498 posts)MontanaMama
(23,368 posts)Last edited Sat Feb 16, 2019, 12:15 AM - Edit history (1)
MF45s new Emergency Czar!
sinkingfeeling
(51,499 posts)octoberlib
(14,971 posts)now they just resign and take their bonuses.
Demovictory9
(32,498 posts)she retired with her loot
Demovictory9
(32,498 posts)riverine
(516 posts)For crimes that is.
There is a strange contingent of crazies who think banking is criminal though. I don't get that.
The Truth Is Here
(354 posts)and serve until hes dead too.
bdamomma
(63,974 posts)who worked on the ENRON prosecution Andrew Wassman is working for Mueller's Team.
Johnny2X2X
(19,288 posts)This guys actions robbed thousands of regular workers of their livelihoods and retirements. There are hard working people who lived in poverty because he swindled then.